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2 <br /> � � a <br /> NORTH CAROLINA <br /> ORANGE COUNTY DEVELOPMENT AGREEMENT <br /> This is an AGREEMENT between ORANGE COUNTY, a general local <br /> governmental unit of the State of North Carolina, (hereinafter referred to as the "County") <br /> and Habitat for Humanity of Orange County, N.C., Inc., a North Carolina nonprofit <br /> corporation (hereinafter referred to as "HHOC"). The date of this Agreement is <br /> WITNESSETH <br /> WHEREAS, the Orange County HOME Consortium has designated $60,000 in FY <br /> 1997 HOME funds for the purpose of site improvements of the property located in the <br /> Efland Estates subdivision more particularly described in Exhibit A attached hereto and <br /> made a part of this Agreement(hereinafter referred to as the "Property"); and <br /> WHEREAS, the County is the lead entity of the Orange HOME Consortium, so <br /> designated in an agreement dated June 25, 1996, and amended September 20, 1996, <br /> and as such is the lead entity in a representative capacity for all members of the Orange <br /> HOME Consortium for the purposes of carrying out the HOME Program in accordance <br /> with the Title II of the Cranston-Gonzalez National Affordable Housing Act (Pub. L. 101- <br /> 625), (42 U.S.C. 3535(d.) gt. =.) (hereinafter referred to as the "Act"), and as further <br /> defined in the Federal Program Requirements provided by the U.S. Department of <br /> Housing and Urban Development; and <br /> WHEREAS, HHOC has been designated as a Community Housing Development <br /> Corporation (CHDO) as defined in 24 CFR Part 92, Subpart A, Section 92.2, and intends <br /> to develop the Property for the purpose of constructing homeownership opportunities for <br /> five first-time homebuyers. <br /> NOW, THEREFORE, in consideration of the premises and the mutual covenants <br /> herein contained, the parties hereto do agree as follows: <br /> 1. HHOC agrees to market the Property, construct five single family homes on the <br /> Property for the selected buyer and complete the sale of the Property to the <br /> selected buyer on or before June 30, 1998. The sales price of the Property to <br /> the selected buyer shall not exceed the North Carolina Housing Financing <br /> Agency maximum new home sales price in effect at the time of the sale to the <br /> selected buyer. <br /> 2. The Property shall be secured by a note from HHOC to the County and a deed <br /> of trust constituting a first lien on the each lot of subject Property which deed of <br /> trust shall designate the County as the secured party/beneficiary. The note and <br /> deed of trust shall be in the form of the documents that are attached to and a <br /> part of this Agreement. The County agrees to subordinate its lien on the <br />